Working primarily as a listing agent since I got my license in 2004, I’ve seen buyers and sellers miss opportunities. I’ve got to be honest, I’ve missed some opportunities too. So, what has a gray beard like me seen and what have I learned from these experiences? Plenty!
First off, by now it’s no secret that the market has changed. It’s not like we’ve fallen off a cliff or anything, but things have slowed a bit. This is where some home buyers will make a mistake though, thinking prices are about to tank. They will pass up perfectly good homes that they think are overpriced, only to see those houses attract one or more acceptable offers. There are potential home buyers who have been sitting on the sidelines for years, waiting for the market to adjust, only to watch prices and interest rates get out of reach. Here’s a word of advice: if the right house comes up and you can afford it, buy it! Owning a home puts you in a far better financial position, plus your life is far more stable than when you rent. You aren’t subject to rent increases or worse yet being asked to leave at the end of your lease so the owner can put the house on the market.
Another mistake I’ve seen buyers make and I expect to see again is trying to negotiate too hard and losing out a great house because they are trying to ‘make deals’. Buyers need to take the advice of the Realtors and if a seller isn’t open to negotiating, buyers can’t fool around if they want the house. I remember a sale about a decade ago where the buyers did their inspections and wanted to further negotiate. We had already come down on the price and sellers weren’t willing to come down further. The other agent told me if we didn’t sell it to them with their reduced price we’d have to sell it to someone else at and even lower price. I knew the seller didn’t need to come down. I had people ready to go but the other agent thought I was bluffing. I told him he was wrong, and proved it. We cancelled the contract and got someone else to pay the seller’s price. Here’s another word of advice: don’t treat purchasing a home like it’s some kind of game. It’s not. Buying and selling homes is a serious business, and people who are successful doing it take the most serious approaches. This advice is for both home buyers and Realtors.